United States imposes more duties on Chinese steel products as trade war looms

The United States has imposed more duties on corrosion-resistant steel imports from China and elsewhere, days after it slapped duties of more than 500 percent on Chinese cold-rolled steel.

The Department of Commerce’s International Trade Administration, which has conducted an investigation into the “dumping” of steel products into U.S. markets, said it had found “dumping of imports of corrosive-resisten steel products from China, India, Italy, Korea and Taiwan” by various steel producers that it named within those countries.

It said that Chinese corrosion-resistant steel would be subject to a final anti-dumping duty of 210 percent and anti-subsidy duty of between 39 percent and up to 241 percent.

Anti-dumping and anti-subsidy tariffs of between 1 and 92 percent will apply to imports from various producers in South Korea, Italy, India and Taiwan.

China has been balmed for the glut in the global steel market and its companies have been accused of dumping cheal steel into other markets, pressuring domestic producers.

Beijing has denied wrongdoing and said it aimed to reduce China’s steel production capacity by 100 million to 150 million tons by 2020. It hasn’t done away with tax rebates on steel exports though.

China’s Commerce Ministry said yesterday that it was extremely dissatisfied at what it called the “irrational” move by the United States, which it said would harm cooperation between the two countries.

Chinese dumping of steel is becoming a major trade issue and it is likely to be brought up during the G7 meeting taking place in Japan.

 

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